White Hat Hackers Return $9 Million to Nomad After $190 Million Exploit Wrecks Cross-Chain Bridge

Ethical hackers aka white hat hackers that safeguarded the funds on behalf of cross-chain token bridge Nomad during the attack on the crypt have begun returning the funds to a wallet address belonging to the company according to a report by blockchain security firm PeckShield. Thus far, about $9 million (roughly Rs. 71 crore) has been returned, amounting to around 4.75 percent of the total loss. Following an attack on Nomad that saw more than $190 million (roughly Rs. 1,505 crore) in funds stolen, the company published a wallet address on Wednesday for the recovery of the tokens.

Data from Etherscan reveals that tokens returned so far include $3.75 million in USD coins, $2 million (roughly Rs. 15.8 crore) in Tether, $1.4 million (roughly Rs. 11 crore) in Covalent Query tokens, and $1.2 million (roughly Rs. 9.5 crore) in Frax.

The majority of the funds have come from known Ethereum Name Service domain wallet addresses, and these individuals are among the 300 wallets that took part in the hack. However, unlike the hackers, ethical hackers took swift action to ensure the safety of Nomad’s funds during the incident after the protocol requested that they return funds in a Tweet following the attack.

The security firm has estimated that three prime addresses still house about 50 percent of the stolen crypto. And 10 percent of these hackers, with around $6 million (roughly Rs. 47.5 crore) in stolen funds, have ENS domain addresses. That said, the Nomad team has reaffirmed that they are actively collaborating with law enforcement and a top chain analysis company, TRM Labs, to find the funds.

After managing to recoup more than $20 million (roughly Rs. 158 crore) of the haul so far, Nomad said it’s offering hackers a bounty of up to 10 percent to retrieve user funds.

“The bounty is for those who come forward now, and for those who have already returned funds,” Nomad said.

Nomad said it won’t take legal action against any hackers who return 90 percent of the assets they took, as it will consider these individuals to be “white hat” hackers.


Binance CEO Warns ‘We Could Disable Wazirx Wallets’ — Advises Investors to Transfer Funds to Binance – Exchanges Bitcoin News

Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning followed numerous tweets by CZ and Wazirx’s founder regarding whether Binance acquired Wazirx.

Binance’s Warning: Transfer Your Funds

The conflict between global crypto exchange Binance and Indian crypto exchange Wazirx has deepened. Binance CEO Changpeng Zhao (CZ) tweeted Friday, advising anyone with funds on Wazirx to transfer them to Binance. He warned: “We could disable Wazirx wallets on a tech level.”

The dispute between Binance and Wazirx began when India’s Directorate of Enforcement (ED) froze the bank assets of Wazirx as part of its money laundering investigation.

Following the ED’s announcement, Binance’s CEO quickly denied that his company had acquired Wazirx — almost three years after the two exchanges announced the acquisition.

While Zhao claimed that the acquisition of Wazirx “was never completed,” Wazirx founder Nischal Shetty disagreed and maintained that his exchange was indeed acquired by Binance.

Binance vs. Wazirx: Who Owns What

Attempting to prove that Binance owns Wazirx, Shetty tweeted that Binance owns Wazirx’s domain name, has root access to its Amazon AWS web hosting servers, has all the crypto assets, and receives all the crypto profits.

However, CZ argued: “The Wazirx founding team maintained control of the operations of the platform. We (Binance) were never given data or control of users, KYC, etc.” Responding to Shetty’s tweet about Binance owning Wazirx, Zhao stressed:

We do NOT have control of the trading system. You just gave the AWS login, no source code, no deployment capability. You also retained access to the AWS account, source code, deploy, etc.

In a follow-up tweet, CZ claimed that Wazirx has been uncooperative with Binance, adding that the exchange appears to be uncooperative with the ED as well.

Regarding the ED’s investigation, Shetty tweeted that Zanmai Labs, the entity that owns Wazirx, “has been cooperating with ED for over 7 days and has submitted all the required data.” Wazirx also tweeted:

We have been fully cooperating with the Enforcement Directorate (ED) for several days and have responded to all their queries fully and transparently. We do not agree with the allegations in the ED press release. We are evaluating our further plan of action.

What do you think actually happened between Binance and Wazirx? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Zhao’s Denial, Users’ Distrust: Here’s What We Know About WazirX-Binance Debacle So Far

The crypto community of India finds itself perplexed in the backdrop of an ongoing heated Twitter feud between WazirX co-founder Nischal Shetty and Binance CEO Changpeng Zhao. WazirX, a known name among Indian crypto exchanges, is undergoing a probe from India’s financial watchdog, the Enforcement Directorate (ED), over alleged predatory lending practices. As per the investigating authorities, a bunch of Chinese firms in the loan lending business, that were banned from operating in India, were using WazirX to wire their funds internationally via cryptocurrencies.

On August 3, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that the ED was probing alleged money laundering of Rs 2,790 crore through WazirX.

After ED accused WazirX of laundering illegal funds using cryptocurrencies, company co-founder Shetty allegedly said that his exchange only has an IP and preferential agreement with Binance because the US-based global exchange had acquired WazirX.

As per Chaudhary, “…investigation done so far has revealed that WazirX, operated by Zanmai Labs Private Limited in India was using the walled infrastructure of Cayman Island based exchange Binance. Further it has been found that all crypto transactions between these two exchanges were not even being recorded on the blockchains and were thus cloaked in mystery.”

The CEO of Binance, who is aiming to bag operational licences around the world, was quick to withdraw its association with WazirX, that is currently caught in a whirlwind of legal troubles in India.

As per Zhao, the transaction of acquiring Wazirx “was never completed”. Binance had however, in a November 2019 blog claimed that it had acquired WazirX.

Zhao has claimed that Binance only provides crypto wallet services for WazirX.

While the WazirX team has promised complete cooperation with ED’s investigation, it still has thousands of its users to give legitimate justifications to.

Members from India’s crypto community have called the unfolding of this debacle ‘shocking’.

For now, Rs. 64.47 crore in the accounts of WazirX have been frozen by the ED.

The plans of the future course of this investigation remains awaited.

Founded in 2017, WazirX works under the umbrella of a four-years-old Indian non-government firm called Zanmai Lab Pvt. Ltd. The crypto exchange claims to have over six million registered users.

Binance, on the other hand, is an internationally established brand in the crypto sector with operational licenses in parts of the UAE, Europe, and the US.

Back in July, Ken Li, the investment director at Binance Labs had told Gadgets 360 in an interview that the company was actively monitoring the Indian market to grab lucrative business opportunities.


Affiliate links may be automatically generated – see our ethics statement for details.


Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021 – Finance Bitcoin News

While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses all the funding blockchain startups and projects obtained last year.

H1 Crypto Ecosystem Funding Report Shows Capital Continues to Flow Despite Crypto Winter

A significant sum of money has been injected into specific blockchain projects and startups within the crypto industry, according to the “H1 2022 Fundraising Report” published by Messari and Dove Metrics, a subsidiary of Messari Holding Inc. According to the report, centralized finance (cefi) outpaced decentralized finance (defi), as cefi captured more than $10.2 billion in H1.

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021
Visual metrics from the Messari and Dove Metrics “H1 2022 Fundraising Report.”

Defi managed to gather $1.8 billion, while Web3 and non-fungible token (NFT) projects and related companies raised $8.6 billion in the first six months of the year. $9.7 billion was injected into blockchain and crypto infrastructure sector and while Web3 and NFTs saw the third largest capital raised, the Web3-NFT sector saw the most fundraising rounds with 530 rounds during the first two quarters.

Defi’s biggest month was the month of June, as a number of defi projects and businesses raised $624 million. “Despite DeFi’s maturity, seed rounds continue to dominate,” Messari researchers explain in the report. The most funds raised during a month for infrastructure was February, for cefi the top month was January, and the Web3-NFT sector’s best month was April.

Report Shows Crypto Startups Raised $30.3 Billion in H1 2022, Exceeding Total Raised in 2021
Visual metrics from the Messari and Dove Metrics “H1 2022 Fundraising Report.”

Ethereum-based defi projects and startups have received the most rounds and the highest dollar amounts, in comparison to alternative smart contract blockchains like Solana, Avalanche, and Polkadot when it comes to fundraising. Ethereum-based defi projects saw 54 deals in Q1 and 61 deals in Q2. In Q1, Ethereum-based defi projects raised $387 million while projects from alternative blockchains raised $309 million during the first quarter of 2022.

In Q2, ETH-based defi raised $890 million while alternative chain-based projects gathered around $193 million. Messari researchers note that in the Web3-NFT sector, early-stage funding rules the roost and gaming eclipsed most of the NFT funding. Once again, Ethereum also dominated in the Web3-NFT industry, in comparison to alternative smart contract platform networks.

Cefi, Infrastructure, Web3 Sectors Mature

As far as centralized finance is concerned, cefi “continues to mature,” Messari’s report says as it highlights that $10 million+ funding rounds “make up 50% of activity.” Messari’s latest H1 fundraising report follows the recently published “4th Annual Global Crypto Hedge Fund Report 2022,” authored by the international professional services firm Pricewaterhousecoopers (PWC).

The insights from PWC’s recent crypto study show that hedge funds injecting capital into cryptocurrency and blockchain projects have increased since last year. PWC researchers estimated that 21% of hedge funds participated in financing rounds tied to crypto, while this year’s participation rate is up to 38%.

Messari’s fundraising report details that many sectors are “maturing” as Series A financing rounds or later made up 40%+ of H1’s crypto infrastructure dedicated rounds. Web3’s Series A rounds or later equated to around 30%+ of the fundraising rounds in H1 2022. Investors mentioned in Messari’s fundraising report include companies like FTX, Mechanism Capital, Pantera Capital, Sequoia Capital, Gumi Cryptos, Dragonfly Capital, Slow Ventures, Seven Seven Six, and around a dozen and a half others.

Tags in this story
$30.3 billion, 2022, Bitcoin, Cefi, Centralized Finance, crypto-startups, decentralized finance, DeFi, Dove Metrics, Dragonfly Capital, Ethereum, First Half of 2022, ftx, fundraising, Gumi Cryptos, H1, infrastructure, Investors, Mechanism Capital, messari, Messari Holding Inc., Messari Report, NFTs, Pantera Capital, Pricewaterhousecoopers (PWC), PwC, PWC hedge funds, Q1, Q2, Sequoia Capital, Series A, Seven Seven Six, Six months, Slow Ventures, Web3, Web3-NFT sector

What do you think about Dove Metrics’ and Messari’s H1 fundraising report? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Charts via report authored by Dove Metrics and Messari Holding Inc.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Mastercard Views Crypto More as Asset Class Than Form of Payment – Featured Bitcoin News

Mastercard sees cryptocurrency as more of an asset class than a means of payment, according to the payments giant’s chief financial officer. Mastercard’s crypto strategy “has been fairly successful ever since crypto environments came up,” he added.

Mastercard’s CFO on Crypto as Asset Class vs. Means of Payment

Mastercard Chief Financial Officer (CFO) Sachin Mehra shared his view on cryptocurrency in an interview published Tuesday by Bloomberg.

He was asked how successful Mastercard’s crypto strategy has been. “In the crypto world, we play the role as an on-ramp, with people using our debit and credit products to buy crypto. And we act as the off-ramp: When people want to cash it, we help them gain access to be able to use their crypto balances everywhere Mastercard is accepted,” he detailed, elaborating:

That’s a revenue-generating capability which has been fairly successful ever since crypto environments came up.

The company previously explained that it has plans to develop products and services in three key crypto-related areas: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

Mehra was further asked how much traction crypto assets can get as a true form of payment. “For anything to be a payment vehicle in our mind, it needs to have a store of value,” he replied. “If something fluctuates in value every day, such that your Starbucks coffee today costs you $3 and tomorrow it’s going to cost you $9 and the day after it’s going to cost you a dollar, that’s a problem from a consumer-mindset standpoint.”

The Mastercard chief financial officer added:

So we view crypto more as an asset class.

“But as a payment instrument, we think stablecoins and CBDCs potentially have a little bit more runway,” Mehra concluded.

In February, Mastercard expanded its payments-focused consulting service to include cryptocurrency. The service covers “a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.”

The payments giant filed 15 trademark applications in April for a wide range of metaverse and non-fungible token (NFT) services. In June, the company said it is bringing its payments network to web3 and NFTs.

What do you think about the comments by Mastercard’s chief financial officer? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Bitcoin, Most Cryptocurrencies Bounce to Recovery, Stablecoins See Small Dips

Bitcoin on Wednesday, August 3, opened with small losses. As per Indian exchange CoinSwitch Kuber, Bitcoin values hovered around $24,290 (roughly Rs. 19 lakh) after incurring a loss of 1.36 percent. On international exchanges, BTC recorded price fluctuations of about 0.13 percent to trade around the mark of $22,885 (roughly Rs. 18 lakh). Despite minor dips, BTC has continued to trade in recovered prices. Industry experts, in the beginning of the week, had predicted that if BTC keeps up this trajectory, it could soon claim the price point of $25,000 (roughly Rs. 20 lakh).

Ether bagged a tiny gain of 1.81 percent to trade at $1,738 (roughly Rs. 1.36 lakh) as per Gadgets 360’s crypto price tracker. The second-most valued cryptocurrency in the world has been reeling-in gains constantly for the past few days now that Ethereum blockchain’s eco-friendly update called the ‘Merge’ is closer to its release.

“Since the markets bottomed in mid-June, ETH has significantly outperformed BTC with the former rallying 60 percent in the same timeframe that BTC rose 16 percent , however it remains to be seen if ETH can maintain this momentum and continue the decoupling from BTC after the merge goes live which is anticipated tentatively around the September of 19,” the CoinDCX research team had noted earlier this week.

Profits dropped into the kitties of several altcoins today. These include Binance Coin, Cardano, Polkadot, Polygon, Avalanche, Tron, and Uniswap.

Stablecoins like USD Coin and Binance USD however, found themselves struck by losses.

In fact, even meme-based Dogecoin saw price slip, as opposed to its rival memecoin Shiba Inu, which registered price appreciation.

Talking to Gadgets 360, the research team of CoinDCX said that the correlation to equities and other traditional asset classes remains the main source of investors’ distrust.

“However a contrarian observation could suggest that further bullish momentum could be on the cards due to the fact that the circulating supply of stablecoins such as USDT and USDC continues to decline dramatically even as the price of Bitcoin rises, which in the past has foreshadowed parabolic BTC rallies particularly in July 2021 right before Bitcoin went from the $29,000 (roughly Rs. 23 lakh)-level all the way up to $69,000 (roughly Rs. 54 lakh),” the CoinDCX team said.

Presently, the market cap of the crypto sector stands at $1.06 trillion (roughly Rs. 83,47,073 crore) with a 0.89 percent increase over the last day, as per CoinMarketCap.


Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated – see our ethics statement for details.

Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says – Bitcoin News

The latest troubles in the crypto space have allegedly led to an increased supply of second-hand luxury watches, according to a leading trading platform. As a result, prices of sought-after models by major brands like Rolex and Patek have dropped, the company revealed.

Higher Supply After Crypto Crash Hurts Resale Prices of Top Watches From Swiss Brands Like Rolex

The recent decline in the valuations of crypto assets has directly impacted pricing of luxury watches from Rolex, Patek Philippe and the like, a German online platform that lists hundreds of thousands of watches has noticed.

The supply of trophy watches, such as the Rolex Daytona or Patek Nautilus 5711A, “is now much larger,” the Karlsruhe-based Chrono24 said in a statement, quoted by Bloomberg. The crypto collapse is easing supply of the most desired models on the second-hand market, it elaborated.

The report notes that the decreasing prices of the most wanted timepieces is an indication that the second-hand luxury watch market is starting to lose pace. That’s after surging crypto rates before that had led to the birth of a new class of luxury buyers and unprecedented increase in the prices of models from the top brands.

These consumers are now retreating and the prices for the most sought after watches fall closer in line with other, similar products. The trend represents a consolidation of the market, remarked Chrono24 Co-CEO Tim Stracke.

Meanwhile, the trading volumes on the site, where dealers and private sellers find buyers, have spiked more than 50% during the first half of 2022, the executive revealed. And while a Patek Philippe Nautilus 5711A is now selling for $190,000, down from $240,000 in the first quarter, the prices of many models from Cartier and Breitling have risen.

The German company also pointed to an increase in demand for almost all models from Omega’s Speedmaster collection, offered as a product of the collaboration with Swatch. Chrono24 also expects overall sales on its platform to increase in the second half of the year.

Cryptocurrencies and luxury watches already have a history together. In May, Swiss watchmaker TAG Heuer said it’s introducing online crypto payments for its customers in the U.S. through an integration with Bitpay. This month, another luxury watch manufacturer from Switzerland, Franck Muller, announced it’s launching an exclusive Binance NFT collection with limited-edition timepieces.

Tags in this story
Chrono24, Crypto, crypto valuations, Cryptocurrencies, Cryptocurrency, Patek, Prices, rolex, sales, second-hand market, swiss, Switzerland, timepieces, Valuations, watch, watches

Do you expect resale prices of top models from luxury watch brands to increase again with rising crypto valuations? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Andersphoto

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Binance Partners With SS Lazio to Debut NFT Ticketing After UEFA Champions League Final Debacle

Crypto exchange Binance has announced it will trial non-fungible token (NFT) tickets for an Italian football club, Lazio, for the 2022/2023 season. The concept of NFT tickets is expected to provide a solution to the challenges of traditional ticketing by solving inefficiencies like counterfeiting, and scalping among others. It is worth noting that during the UEFA Champions League final in May 2022, the use of fake tickets threatened to mar the game. Since then, there have been deliberations as to whether NFTs could potentially stop the challenges of traditional ticketing.

Now NFT tickets, as a concept, aren’t entirely new. They have been used in concerts previously with startups like Afterparty managing to secure $4 million (roughly Rs. 32 crore) in unsolicited funds after using NFT tickets to invite the art and music festival.

Now, Binance intends to collaborate with SS Lazio to make NFT tickets available for all the club’s home games. Asides from quicker access to all home games, holders of the NFT tickets will also get a Europa league match discount. Also, ticket holders will have unique discounts and giveaways at the Lazio store.

Marketing Director of Lazio, Marco Canigiani noted in a statement shared with CoinTelegraph that his team was working closely with Binance to give value to the fans. He said, “Our fans who explore this new technology will enjoy discounts for Europa League matches and online merchandise purchases.”

Zoe Wei, Binance Fan Token Lead, added, “NFT ticketing, which we are introducing with SS NFT ticketing introduces a brand new layer of utility features to non-fungible tokens, Lazio, will revolutionise the ticketing market and presents another significant real-life use case for Web 3 technology. Blockchain-enabled NFT ticketing has the potential to branch out beyond sports and take its roots in the broader entertainment industries.”

“Fans now have the option to preserve their memories of any live event they have attended by digitally collecting the tickets, and enjoy further engagement with their favourite clubs or brands beyond those experiences⁠⁠ — leading to more meaningful and lasting fan experiences, stronger digital and worldwide communities and more involvement in the life of teams, players and brands,” Wei added.

Lazio fans who have a Binance account can now claim their NFT tickets in multiple ways, including in official Lazio stores, via social media and on the Binance Fan Token Platform.


Japanese Bank SMBC to Foray Into NFT and Web3 Markets – News Bitcoin News

The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is planning to expand into digital asset businesses, including non-fungible tokens (NFTs) and Web3 platforms. The company will partner with Hashport, a group that offers tokenization and listing services in Japan, to launch a token business lab to experiment with these new technologies.

Second Biggest Japanese Bank to Introduce Token and NFT Services

Many traditional banking companies around the world are now considering entering the crypto and digital assets business. SMBC, the Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and a presence all over the world, has announced it is going to enter the cryptocurrency asset business, taking NFT services and Web3 as its main priority in the field.

To achieve this goal, SMBC has partnered with Hashport, a company that specializes in offering tokenization solutions and listing services. The press release indicates that SMBC’s business knowledge and Hashport’s Web3 technical solutions will allow the joint venture to build a service platform. It states:

We aim to build an ecosystem involving many players in the NFT domain. We believe that these efforts will contribute to the promotion of Web3 in Japan.

Business Token Lab

The result of the collaboration will be the establishment of a business token lab, that will “engage in surveys, research, and demonstration experiments related to the promotion of the token business.”

This also coincides with the long-term goal of the company, which is to encourage the spread of the token business in Japan and also establish a division to offer digital custody services. However, the services that SMBC aims to offer go beyond these. The joint venture indicated this move aims to provide “commercialization support and consulting services to customers considering the token business, including the issuance of NFTs.”

The SMBC Group is also considering issuing its own token business in the future, taking advantage of its international presence and its large established userbase. Other Japanese companies have also launched initiatives in this sector, including Rakuten, an online retail company that launched its own NFT marketplace in February. In May, a subsidiary of the group also announced it would partner with Bitbank, a Japanese crypto exchange, to offer cryptocurrency custody services for institutions.

What do you think about SMBC getting into the NFT and token business? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, yu_photo, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


FBI Warns Crypto Owners Not to Fall for ‘Liquidity Mining Scam’ – Featured Bitcoin News

The Federal Bureau of Investigation (FBI) has warned crypto investors about a scam using an investment strategy called liquidity mining. “This scam has been responsible for over $70 million in combined victim losses,” said the law enforcement agency.

FBI Warns of Crypto Liquidity Mining Scam

The Federal Bureau of Investigation (FBI) issued an investor alert Thursday warning crypto owners of a scam targeting them. The law enforcement agency announced:

The FBI is issuing this public service announcement to warn American citizens about a cryptocurrency scam using an investment strategy called Liquidity Mining in which scammers exploit owners of cryptocurrency, typically tether (USDT) and/or ethereum (ETH).

“Liquidity mining is an investment strategy used to earn passive income with cryptocurrency,” the FBI explained. “In legitimate liquidity mining operations, investors stake their cryptocurrency in a liquidity pool to provide traders with the liquidity necessary to conduct transactions. In return, the investor receives a portion of the trading fees.”

Claiming to use this investment strategy, “Scammers convince victims to link their cryptocurrency wallets to fraudulent liquidity mining applications. Scammers then wipe out the victims’ funds without notification or permission from the victim,” the FBI cautioned.

“Scammers approach potential victims through an unsolicited direct message (DM) on social media, dating applications, or messaging services such as Facebook, Instagram, Twitter, Linkedin, Whatsapp, etc.,” the announcement adds.

Victims of a liquidity mining scam move cryptocurrency from their wallets to the liquidity mining platform, the FBI detailed. After investing, they often see the purported returns on a falsified dashboard. Believing their investments to be a success, they purchase additional cryptocurrency. Scammers ultimately move all stored cryptocurrency and investments made to a wallet they control.

The FBI noted:

Since January 2019, according to the FBI’s Internet Crime Complaint Center (IC3) and open source, this scam has been responsible for over $70 million in combined victim losses.

What do you think about the liquidity mining scam targeting crypto owners? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.